New Currency: Sierra Leone Knocks Three Zeros Off its Bank Notes
The currency in Sierra Leone has been overhauled and one of the prominent changes is that three zeros have been taken off its banknotes as part of the launch of its new currency, according to BBC Africa.
The leone is being replaced by what has been named the ‘new leone,’ which means an old 10,000 leone note has the same value as a 10 new leone bill (the equivalent of just less than $1 or £0.60).
That’s not all as coins have been schedued to be re-introduced along with the new currency.
According to the Deputy Governor, Bank of Sierra Leone, Ibrahim Stevens, the currency redenomination will not affect the purchasing power of the currency.
However, regardless of his assurances, there are fears and concerns among the citizenry that their financial situation could worsen.
This explains why many had scrambled to change their money into US dollars in the build-up to the official release of the new leones.